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ITR-Nature of Employment for State Government Aided School Teachers & Exemption U/S 10(10A) for CVP


Uttam Saha (TAX PROFESSIONAL)     01 January 2021

Uttam Saha
TAX PROFESSIONAL 
 2 likes  97 points

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With regard to filing ITRs for State Government Aided School Teachers it would be great if someone could throw light on the related queries:-

A) While filing ITR what should be selected under Nature of Employment for State Government Aided School Teachers?

1) Others OR 2) State Government

B) When the state government aided school teachers receives retirement benefits with regard to Commuted Value of Pension Exemption U/S 10 (10A) the nature of employment becomes extremely important as

1) For Government Employees - Commuted Value of Pension fully exempt

2) For Other Employees - 1/3 or 1/2 of Commuted Value of Pension exempt

I am assuming that if I file the return as 'Others' - CPC Processing Unit will flag the return 'if full exemption is availed U/S 10 (10A)' - Please guide

 

Sourav

Sourav (Student)     01 January 2021

Sourav
Student 
 512 likes  8397 points

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You should select "Others" category.

Your commuted pension will be calculated as 1/2 of commuted pension if you are not covered under gratuity act

Your commuted pension will be calculated as 1/3 of commuted pension if you are covered under gratuity act

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